Fitch rates Probusinessbank notes B-

Fitch Ratings said it assigned an expected long-term rating of B- with a recovery rating of RR4 to PBB LPN Issuance Ltd.'s upcoming $20 million issue of notes due 2008, which will be issued under the company's $100 million loan participation program and are limited-recourse obligations of the issuer.

The proceeds from the notes are to be used solely for financing a loan to Russia's JSC Probusinessbank, which is rated long-term issuer default B-, short-term B, individual D, support 5 and national long-term BB+(rus). The bank's outlook is stable.

Noteholders will rely solely on Probusinessbank meeting its obligations under the loan agreement, Fitch said.

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